Owner-occupants (meaning borrowers who live in the home) who are having trouble making payments on their mortgage(s) have some options and perhaps real help from various agencies. Instead of searching for information and wasting a lot of time, here is a quick sketch of options available, and sources for getting started.

       There are several courses of action open to owners, depending on where you are in your particular financial situation. They are, in order: Refinancing into a completely new loan with better terms; Doing a workout of your current loan (a Modification of your current loan terms); Asking your current lender for Forebearance, or suspension of principle and interest payments for a period of time; Asking your lender to take less than the full payoff when you sell your home as a Short Sale; Asking your lender to take ownership of the property by signing a Deed in Lieu of foreclosure; and lastly, declaring bankruptcy.

       If you are already behind in your mortgage payments, some of these options may or may not be available to you. The first step is to call your lender and discuss your hardship with them and see what your options are.

       For further information on government sponsord programs, click Here for the US Gov Website and see if you and your home qualifies for the available programs.

Call us if you would like additional information. Tony and Marti Giacobe